As we head into 2023, there are a number of new trends in home insurance that homeowners should be aware of. These trends can have a significant impact on the coverage and cost of your home insurance policy, so it’s important to stay informed and make sure you have the protection you need.
Coverage for Natural Disasters
One trend to watch for in 2023 is an increase in coverage for natural disasters. With climate change leading to more frequent and severe natural disasters, many insurance companies are beginning to offer more comprehensive coverage for events such as floods, landslides, and wildfires. This is especially important for homeowners in areas that are prone to these types of events, as traditional home insurance policies may not provide enough protection.
Use of Technology
Another trend to watch for is an increase in the use of technology in home insurance. Many insurance companies are now offering smart home devices, such as security cameras and smoke detectors, as part of their policies. These devices can help to reduce the risk of loss and lower the cost of premiums. Additionally, some companies are using data from these devices to develop more accurate risk assessments for individual homes.
The Rise of Remote Work #WFH
The trend of remote work and telecommuting is also having an impact on home insurance. As more people work from home, the risk of damage or loss from home office equipment is increasing. As a result, some insurance companies are now offering coverage specifically for home office equipment, such as computers and printers. Additionally, some companies are offering discounts on premiums for homeowners who are able to prove that they are working from home regularly.
Increased Use of Home-Sharing Platforms
Another trend to watch for in 2023 is the increased use of home-sharing platforms, such as Airbnb. These platforms have become increasingly popular in recent years, and many homeowners are now renting out their homes on a short-term basis. However, traditional home insurance policies may not provide enough coverage for this type of use, so it’s important to check with your insurance company to make sure you have the right level of protection.
Rates Keep on Rising
Finally, it’s important to keep in mind that home insurance rates are likely to continue to increase in 2023. This is due to a variety of factors, including increased claims and rising costs of construction materials. As a result, it’s more important than ever to shop around and compare rates from different insurance companies to make sure you’re getting the best deal.
Conclusion
Overall, 2023 brings new trends in home insurance that homeowners should be aware of. To ensure you have the right level of protection for your home and finances, it’s important to stay informed and review your insurance policy regularly. If you have any questions or concerns, don’t hesitate to reach out to us here at Kelli James Agency to discuss your coverage and options.